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IIHS finds expensive outliers in insurance coverage

September 20, 2012

The Ferrari California is one of the most expensive cars to repair, according to the IIHS. Photo by Ferrari

Expensive, exotic cars cost more to insure—that's common knowledge. They also cost insurance companies more if the car gets crashed. What you might not know is that there are a few mainstream cars with exceptionally high rates, or cost an inordinate amount to fix. These insurance losses should be one more thing to consider when buying a new car.

The Insurance Institute for Highway Safety released a study of insurance losses by make and model for 2009-2011 model years. The study shows that customers and insurers are paying the most on collision and comprehensive claims, especially with vehicles from Ferrari, Porsche and Maserati.

The institute studied six insurance coverages: collision, property damage liability, comprehensive, personal injury, medical payment and bodily injury. They were each ranked, with a score of 100 being average for all vehicles in a category.

In the midsize four-door segment, the study finds the Suzuki Kizashi above average in insurance costs, while the Dodge Avenger is well below the average for personal injury and medical payments. In the small two-door segment, the Honda Civic and Civic Si score higher than average in the collision category.

But it was the Ferrari California convertible that ranked highest for collision. Its owners had 648 percent more overall losses, which reflect both the frequency of claims and the average loss payment per claim. The Maserati Gran Turismo coupe was next. Its owners had 337-percent more overall losses than the average owner. The Porsche Panamera Turbo and Mercedes-Benz S-class followed, taking third and forth place.

The best cars for collision were the Jeep Wrangler, the Chevy Tahoe hybrid and the Toyota FJ Cruiser. Its owners had about 50-percent less overall losses than the average car.

For comprehensive, it was the large luxury cars that did the worst. Three BMW 7-series sedans made the top six, along with the Porsche Panamera Turbo and the Mercedes S-class. The all-wheel-drive BMW 7-series with the long wheelbase ranked 369 percent higher in overall losses than the average vehicle. Best for comprehensive were the small pickups and small SUVs. They were about 50 percent under the average.